New Wave Group Acquires Paris Glove
Vol. 873 
December 6, 2011

Sweden-based New Wave Group AB, parent company of Counselor Top 40 supplier Cutter & Buck (asi/47965), has acquired Paris Glove of Canada Ltd for $16.3 million. The deal, announced late last week, allows New Wave access to several fashion and sportswear divisions and expands its presence in the Canadian and U.S. markets. “We view Paris Glove as a complement to our other apparel lines and global markets,” said Torsten Jansson, managing director and CEO of New Wave Group. “The company provides an established base of entry to Canada’s retail markets for other New Wave products with Paris Glove’s established customer base.”

Per the agreement, all 90 Paris Glove employees – including its owners – have joined New Wave’s staff. Paris Glove has been family-owned and operated since it was established in 1945. In addition to providing men’s and women’s gloves, the company offers scarves, headwear, rainwear and high performance ski gear. Among its divisions are Laurentide, Gloves International Incorporated and Auclair Sport, whose products were prominently on display at the Vancouver 2010 Winter Olympics. “Auclair and Paris enjoy one of the longest sponsor-team relationships in all of sport with a 30-plus year history with the Canadian cross country ski team,” said Peter Monk, president and CEO of Paris Glove. “We envision the opportunity for expansion into the European and Asian markets with the strength of New Wave’s reach.”

One of the oldest specialty companies of its kind in North America, Paris Glove generated sales of approximately $27.5 million in 2010, with an operating profit of $2.76 million. New Wave Group AB, which purchased Cutter & Buck in 2007, has sales divisions in 20 countries throughout Europe, North America and Asia. In 2010, New Wave reported revenues of $630 million, while Cutter & Buck reported North American ad specialty sales of $55 million.